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Precious metals suffer their worst day in decades as gold drops to $4,403 and silver loses 15% following Trump’s nomination of hawk Kevin Warsh to the Federal Reserve.

The safe-haven trade has detonated. In a session of unparalleled violence for precious metals, gold and silver have suffered a catastrophic collapse, erasing billions in value as global markets react to a seismic shift in American monetary policy.
Spot gold has plummeted over 9% to trade at roughly KES 660,000 ($4,403) per ounce, while silver has been bludgeoned, shedding 15% to trade below KES 10,800 ($72). This is not a correction; it is a capitulation. The trigger was the surprise nomination of Kevin Warsh by President Donald Trump to lead the Federal Reserve, a move interpreted by the markets as a prelude to aggressive interest rate hikes that strip non-yielding assets like bullion of their allure.
For months, the "Trump Trade" and geopolitical anxiety had inflated a commodities bubble of historic proportions. Central banks, particularly in Asia, hoarded bullion as a hedge against dollar instability, pushing gold past the KES 825,000 ($5,500) mark in January.
For the local investor in Nairobi who sought refuge in commodities, this is a brutal wake-up call. The strength of the shilling against this backdrop remains precarious. While lower global commodity prices might ease import bills, the volatility signals a rocky road ahead for global liquidity.
Analysts warn that the floor has not yet been found. "This is a repricing of the world's financial architecture," notes one City analyst. "Gold is no longer the safety net; right now, cash is king." The glitter has gone, and the scramble for the exit is just beginning.
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